Go Ahead shares remain suspended with results overdue
The UK’s biggest train operator has requested an extension for filing its accounts after a disastrous year for the company.
In a trading update today, Go Ahead said it would require additional time to complete an audit of the Group’s results for the 2021 financial year as the company faces heavy fines from the UK regulator.
The FTSE-250 company which operates one in four British trains, saw its shares suspended from the London Stock Exchange last month after it admitted it would not be able to complete its accounts ahead of an initial deadline on 03 January.
“Further to the announcement on 9 December 2021, the Group has been advised by Deloitte that it requires additional time to complete the audit of the Group’s results for the year ended 3 July 2021 (FY21 results),” said company secretary Carolyn Ferguson in today’s trading update.
“The Group continues to work closely with Deloitte to ensure that the FY21 results are published as soon as possible,” Ferguson continued.
According to the statement, the results are now expected to be released before the end of February 2022 with Go Ahead intending to request for its shares and bonds to begin trading from the date of publication.
Go Ahead is facing heavy fines from the UK regulator for failing to declare it had received more than £25m of taxpayer funding. The Department for Transport also stripped the Southeastern rail franchise from the company.
A second service run by the company, Govia Thameslink services, which include Southern, Thameslink, Great Northern and Gatwick Express are also in doubt as a new contract will need to be agreed by March 2022.
It comes as Go Ahead also faces losses in Norway and Germany where it operates rail services.
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